Valley National Bancorp (NASDAQ:VLY) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its stake in Valley National Bancorp (NASDAQ:VLY) by 20.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 165,093 shares of the company’s stock after selling 41,402 shares during the quarter. Hsbc Holdings PLC’s holdings in Valley National Bancorp were worth $1,501,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in Valley National Bancorp by 241.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 84,374 shares of the company’s stock valued at $764,000 after acquiring an additional 59,641 shares in the last quarter. MetLife Investment Management LLC boosted its stake in shares of Valley National Bancorp by 18.2% in the fourth quarter. MetLife Investment Management LLC now owns 538,071 shares of the company’s stock valued at $4,875,000 after purchasing an additional 82,976 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Valley National Bancorp by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 28,663,209 shares of the company’s stock valued at $259,692,000 after purchasing an additional 2,810,005 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Valley National Bancorp by 25.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 363,882 shares of the company’s stock worth $3,289,000 after buying an additional 72,945 shares during the period. Finally, Farringdon Capital Ltd. acquired a new stake in Valley National Bancorp during the 4th quarter worth approximately $338,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

Shares of VLY opened at $8.90 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The stock has a 50 day moving average price of $8.69 and a 200 day moving average price of $9.42. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 12.90 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. The company had revenue of $479.67 million during the quarter, compared to analysts’ expectations of $483.98 million. During the same period last year, the business earned $0.19 earnings per share. Research analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date was Friday, March 14th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 63.77%.

Analyst Ratings Changes

VLY has been the subject of several research reports. Royal Bank of Canada boosted their price target on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. JPMorgan Chase & Co. boosted their target price on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. StockNews.com raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 26th. Barclays lowered their price objective on Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Finally, Citigroup upped their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.67.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.